164K jobs added, private sector thrives with growing annual pay.

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Private sector employers added 164,000 jobs in December, with small businesses gaining 74,000, medium establishments adding 53,000, and large establishments with 500 or more employees gaining 40,000 jobs. The service-providing sector added the majority of the jobs, including 1,000 in professional and business services. Annual pay growth for those who stayed in their jobs increased 5.4% in December. The rate of growth for job changers was 8.0%. The ADP chief economist noted that job growth was weak in the information and professional and business services industries. The goods-producing sector added 9,000 jobs, mainly in construction. The rate of pay growth for job stayers in professional and business services was 5.2%. The ADP economist expects relief for workers and employers in 2024 as inflation decreases and wage growth remains steady.

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